This afternoon the Blue Knights (plural!) held a media conference as Paul Murray and Brian Kennedy explained their “credible plan” to rescue Rangers. The quantum of their bid was:
£5.5m cash on delivery of a CVA, £500k of which is for delivery of Craig Whyte’s shares.
£2m dependent on European earnings in the coming years.
£3.5m the company will collect from those who currently owe Rangers money.
Uefa have confirmed that they regard UK companies who dispose of debts via a CVA to have breached their insolvency rules and therefore be ineligible for European competition for 3 years.
It is likely that the administrators or any liquidator would be able to collect much or all of the £3.5m earnings from Rangers debtors.
Mr Kennedy said “the tax case is irrelevant to this CVA”. Mr Murray was a director of Rangers during their controversial EBT period which led to the big tax case. The tax authorities may consider the “the tax case” more relevant than Mr Kennedy.
Mr Murray and Mr Kennedy were both clearly exasperated that Duff and Phelps felt unable to accept their offer to take the club through a CVA. Mr Kennedy could not have been clearer that attempts to establish a Newco would fail, that only a CVA would enable Rangers to survive and it was now too late for this. On Radio Scotland last week Mr Murray explained that, in his view, a CVA was necessary as a Newco could not survive without European income for three years.
Throughout the media conference it occurred to me that perhaps they don’t know Uefa’s rule on a CVA. Unfortunately the question was not put to either man by the media. When asked if they knew if the other bidder had put more money on the table Mr Kennedy said, “I don’t care if [ours is]the largest bid”. Perhaps, but creditors will, and under an enormous amount of scrutiny, Duff and Phelps are likely to car a great deal.
It will be interesting to hear how Duff and Phelps respond but in summary, my two key questions are:
Would HMRC accept a CVA from a director of Rangers during the operation of their EBT scheme?*
How deliverable is the £2m dependent on European income considering a CVA would exclude Rangers from European football for three years?
The plan was flush full of irrelevant details they had clearly spent a lot of time on, such as the non-exec support of former managers, and a Rangers FC Constitution, forbidding the club from spending more than it earned, but sounded light on how it would convince HMRC to accept a few pennies in the pound from a company with such a chequered tax history, and was potentially slapdash on the European income element.
*Mr Murray suggested he would withdraw from the consortium if Craig Whyte objected to his participation but the lack of attention to HMRC’s view on him appeared to be an obvious oversight.
You can buy a hard copy of the new issue of CQN Magazine via Magcloud here.
The graphic below is just for a flick through, to read the magazine go here to it’s dedicated site.
1,267 Comments- Pages:
- «
- 1
- ...
- 27
- 28
- 29
- 30
- 31
- 32
- 33
- 34
- »
Moonbeams, man alive, are you still breathin maaaaaaaaan? glad to hear it :) several pints due, im back in Glesga
and likewise Gordon you’re entitled to your opinion, but I personally have no issue with a man who was vilified and persecuted due to his religion during his time with us having his say on the club and fans most responsible for that behaviour. Big arthur will always be a big mental part of the Celtic family to me!
ttttt,
and I brought it with me remember :o)
if you still dont know whats happening, hopefully you’ll catch up soon.
BTW,
I’m bringing a barrel load the morra night :oD))))))
petec,
meanwhile, the old firm tax being imposed on the Celtic support this year goes passed without comment.
Me, why would I charge extra for a disgraced competition ?
Tell you what though, like I said, a UDI from the board will see me buying an ST regardless of competition next year, and every subsequent year we are excluded from competition. When any exclusion ends, I’l pay double for the ST for simply being honourable.
Working within honourable parameters or defending honourable parameters being the difference.
Our division is set against the reference IMO
billy on clyde said tonight, we should nt be looking to split with supporters who elevate their indignation to sporting integrity, I only buy old firm tickets. Or by those who condone the two teir system with financial support :o)
Either we accept we can do nothing, or we do something.
tic the “no old firm” box, show them we are not old firm.
Sat and argued with my da the night about the tic in the box, told me he never had the option :oD))))
Tims is Tims and unconditional Tims get right on yer tats, but usually know were yer coming from.
hail hail
Gordon64
Are you sober tonight?
I would have thot with all the hilarity around that AB’s tweet would have tickled yer fancy nancy :>)
They are doomed, they would relish sticking the knife into us, they have been doing it since we arrived, a wee bit fun is all it is mi amigo, they hate us, always have, always will.
AB suffered big time at their hands, allow him his wee dig, he deserves it.
miki67
Cheers, just wet the baby’s head there so still buzzin a bit. Gonna pick my darling wife and beautiful son up in the morning and get him dressed in his wee celtic babygrow.
Mort
Welcome to CQN Declan.
HH
Mort congratulations!!
Mort
Mucho congrats mi amigo.
Now get to yer bed, you need yer sleep :>)))
Is there anyone else out there willing to contribute to this blog other
than mind numbing platitudes of nothingness?
Come on you bhoys in green.. Glasgow’s Green and Whyte!
Throw us a bone of some description.
FFS!
The Hun cancer is about to expire and its Friday night….come on!
Something
Anything
TeT
Only kiddin pal.
I’ve had too much hilarity this week.
Stick it to them good style big Artur.
ok let me start you off
Artur Boruc (great servant to Celtic) is a bad man coz he typed a bad wurd..discuss.
Mort on 12 May, 2012 at 01:47
Amazing appreciation to Paul67, Mort.
Great Leader.
That young Man will have the same Fibre as his Dad.
All the Very Best m8.
A truly amazing touch with your own Leader of appreciation. Cap totally doffed for an amazing gesture.
I hope Mrs Mort is back to full health as soon as possible. And I hope Mort keeps that smile on his face for the next decade. ;))
Mort on 12 May, 2012 at 01:47
My daughter was born yesterday.
On Monday she begins her GCSE’s.
I have no idea what happened in between.
You have been warned.
Congratulations. It only gets better. Honest!
Cheers
Yogi
Gordon64
He’ll get his wee username sorted soon. :-)
McTall
Thanks
TET
On my way, don’t think I’ll sleep though as still all excited.
Mort
Gordon
Walk a mile in that man’s shoes and see how you will comment
Btw I would suggest that the Huns he was referring to have been hassling him for years
What is this class thing … Sounds a bit too much like that dignity crap for my liking
Nytol
petec
Don’t tell Paul but my wife’s maiden name was Brennan but we’ll let him have it as he has brought us so much joy :-)
yogijunior3
I can imagine that time will just fly by but I’m determined to enjoy this stage while I can.
Mort
TET
Hamlet, then bed :-)
Mort
yogijunior3 on 12 May, 2012 at 01:44 said:
Greenlion2 on 12 May, 2012 at 01:41
most of us were drunk at the start when it was total financial but I cant
remember your username. Apologies if I missed you all those years ago
what shoes did you wear then? And what perfume did Martin wear?
MWD
http://www.youtube.com/watch?v=H0rnMPFNnaw
Congratulations Mort.
Welcome to fatherhood.
Send my best wishes to your good lady.
Bonus is. You don’t need to carry round those medical notes anymore.
You’ll be on cloud 67.
MWD
Pfayr
What ?
Maybe you would like to walk in Marcus Hedmans shoes ?
Mort,
good luck to you and yours, all the best.
also to the mhan who delivered his own, good luck to you too.
invest in the future.
hail hail
Mountainbhoy
Your welcome to join us after game on Sunday.
Meeting in Bar 67 then onwards.
MWD
Matt McGlone @MattMcGlone9 has tweeted some pics of this morning’s DR. Looks like it’s going to be a bad day to be a Hun.
Margaret McGill on 12 May, 2012 at 01:55
Alright Margaret. Controversy.
So. Is the greatest moment in Celtic’s history the European Cup win, by guile, style and steel on the the pitch.
Or
The demise of our greatest rivals. Which, it could be argued, was the result of an arms race precipitated by them, in which Celtic refused to take part. The result of prudence, responsibility and astute financial management. Not quite so glorious but, in it’s own way, terribly devastating to the Orc.
PS I’m off to kip shortly, but hope to make up for previous platitudes with an aggressive dissent against whatever your response is :)
Cheers
Yogi
canamalar
The mainstream unfortunately, still has a hold over a large section of Celtic supporters.
My own Dad, who buys the Record, still believes Celtic need Rangers or Scottish football is finished. My Dad has always hated Computers because he sees things that are wrong about digital things, he is an ornothologist like Bobby was.
I’m with you because you are reading news outlets outside this country. gallagher, always links to good news sources because they are not mainstream manipulations.
Apologies to Pfayr for last post.
No matter how enjoyable it might have been.
yogijunior3 on 12 May, 2012 at 02:10 said:
European Cup. No contest!
The other was not.
For every fiver Celtic spent they stole a tenner.
Mort on 12 May, 2012 at 02:00
tis a conspiracy I tell yas, a dastardly Timmy Conspiracy. ;))
Gordon
If you don’t think that suffering years of sectarian abuse allows AB to comment then that’s a matter for you
Frankly your Celtic class comment I find nonsense …. That’s just my opinion of course
With your MH comment it’s clear you didn’t understand my post
canamalar, mwd
Cheers lads.
petec
A timmy conspiracy you say. No such thing :-)
Mort
petec,
stop agreeing with me, I’m no used to it :oD)))))
Just had a wee thought…………..
We’ll have to make up new words for “we shall not be moved”
Teuchter
Greenlion2 on 12 May, 2012 at 02:02 said:
Ok, I admit. I’m a technophobe. Two points though.
1) Why did you sign MWD?
2) That’s an obscure reference, which I don’t get, even if you’re acquainted to me or my brother. Are you?
Cheers
Yogi
Mort on 12 May, 2012 at 02:00
Well IMO, there will be unrelated Celtic kids with Brennan in their name I’m sure in the future.
Momentous times, especially for your Good self. ;)
saying that ma da is just afraid to get his hopes up and they dont die, that has never been disputed, his only issue with their demise is, they might change the rules again and get away with it again.
wanting them dead is the datum, not an option.
thought I’d clear that up.
hail hail
Mort
Congratulations – All the best to you and the wee yin……no forgetting mammy.
Teuchter
PFayr
Celtic class is the benchmark.
If you don’t know what it is
watch and learn.